Benchmark indices ended the week with cuts of almost 1 per cent on the Nifty and the Sensex. The trend of markets falling sharply in the initial part of the week and then recovering in the latter part of the week continued.
Key for markets next week would be results from some biggies in the banking sector, including the likes of State Bank of India and Bank of Baroda. The stocks have been hammered so badly and sentiments for the banking sector is so low, that any deterioration in asset quality that is even slightly lesser than expectation could see further price damage.
Apart from this markets would also eye the CPI inflation data. Global cues would remain the key to market movement. They would digest the US jobs data along with how crude prices move going forward. US Jobs data was mixed with new additions at lower than expected, but wages increased and a drop in unemployment numbers raised fresh worries of a US Fed interest rate hike.
Foreign Institutional Investors continued to be net sellers in the markets, though it was also surprising to see domestic institutions selling stocks for a couple of days during the week.
Results that disappointed saw their stocks being hammered, including the likes of Just Dial and Interglobe.
One thing is certain there is going to be enormous volatility going forward. If you are a long term investor, you might still find value in select pockets.